J.CrewAholics

On Tuesday, I wrote in the post, “The Future of Luxury via J.Crew & Neiman Marcus” about how CEOs from many retailers met at the annual CEO summit hosted by Financo.

This year’s event has been in the news due to the discussion of luxury between J.Crew CEO, Mickey Drexler and Neiman Marcus CEO, Burt Tansky.  Both had very different opinions on how consumers will be responding to the perception of what luxury means to them.

It seems in this economic climate, neither of the retailers are not faring too well.  J.Crew’s stockis at a low of $8.56.  Because Neiman Marcus was purchased by two private equity firms in 2005, it no longer has a publicly traded stock.

Both retailers have been in the news lately. On Tuesday, it was reported that Neiman Marcus will be cutting 400 jobs.

Neiman Marcus losing about 400 jobs
by Maria Halkias

Neiman Marcus Inc. is cutting about 400 jobs across the country – including almost 100 people in the Dallas area – as part of an organizational review started six months ago.
Also Online

While the Dallas-based company was looking at ways to save money, luxury shoppers’ drastic reduction in spending “accelerated the urgency” of what had been a normal review process, said Ginger Reeder, vice president of corporate communications.

“We regret this more than any business decision that we have to take,” Reeder said.

Some laid-off employees were told Monday, and others are finding out today, she said.

About 370 to 400 employees are being laid off – slightly less than 3 percent of the company’s workforce.

And in response to the economic climate, J.Crew will be having its first ever sample sale in New York City. I wrote about this in the posts, “J.Crew Sample Sale In January 2009” and “J.Crew Sample Sale Just Weeks Away.”

The sample sale is hosted by Clothingline and will start next Tuesday, January 20th. and go on until Sunday, January 25th.

If you live in the New York City area, this is a must go to sale! Everything will be up to 70% off original prices. Special occasion dresses will even be at the sale!  To read an article about the sale, please click, “J. Crew, a sample-sale virgin no longer.”

Here is the address for the venue and hours of operations for each day.

Clothingline
SSS Sample Sales
261 W 36th Street
(between 7th & 8th Ave)
2nd Floor
New York, NY 10018